Know the Facts about franchises
Don’t let your assumptions get in the way of choosing a franchise
Choosing a franchise is not easy, it’s a life-changing decision.
At least once a week, I talk with a potential franchisee who mentions a franchise they would like to own. Often it’s a popular food franchise or a famous coffee shop. When I explain that the fast-food franchise model is much different from other franchises and the chances of being awarded a franchise is like winning the lottery, they quickly change their tune. In addition, I explain to them that the coffee shop is not franchising and all units are corporate owned.
Choosing a franchise is a process of discovery
We often assume to know things we don’t know. Like the old “grapevine game” gossip and assumptions spread like wildfire. Many of the people I work with are sure a certain franchise will not work out using false assumptions rather than facts. They are only hurting themselves by not exploring the options presented or completing their due diligence.
Assumptions are often necessary for decision-making
“Assumptions are often necessary for decision-making, but we need to avoid wrong suppositions if we want to make the right choices. We can get things wrong by applying assumptions in inappropriate circumstances, basing expectations on bad data, or making assumptions based on wrong thinking.” Simon Ash
Stay open to possibilities
Take time to explore each option when choosing a franchise. Keep an open mind. Many franchise candidates I work with are not enthusiastic about the possibilities I present to them. However, once they take the time to learn about the franchise, their eyes are opened and they see the potential.
Spend your time looking at the business from the view of an owner rather than that of an employee. Tell yourself you are getting an education and the knowledge you glean will be useful. Keep your ears and eyes open to the opportunities. Even if you apply them to another option.
Terry Powell wrote in Entrepreneur.com, “If you only look at businesses in an area where you are familiar or are good at, you place yourself at a major disadvantage by ignoring a huge market”. (excerpt from Franchising Without Fear, Benedik, 2019)
Choosing a franchise can seem like a difficult decision. This decision can be simplified with the help of our step-by-step proven process. Commit to the process, keep open to possibilities, and learn as much as you can about your options before making a final decision. You’ll be on your way to reaching your dreams.
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Questions about Franchising
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Keep following my Blog for more insights into franchising. Owning a business is about matching your skills with the right business. My 6-step process will guide you to the right franchise and introduce you to exciting opportunities.
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Trish Benedik owner of Select Franchise Consulting will help narrow your options. Our consultation will help you make an informed decision. There are thousands of options in franchising, find the one that is a good fit for your business and lifestyle goals.